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[ \pi_t = \frac\textCPI t - \textCPI t-1\textCPI_t-1 \times 100 ]
is the area between the line of perfect equality and the Lorenz curve, and is the area under the Lorenz curve. Scale: (perfect equality) to (perfect inequality). Strategic Tips for IB Economics Paper 3
The PPF curve illustrates scarcity, choice, and opportunity cost. While the concept is often visual, Paper 3 can require you to calculate precise trade-offs.
While the International Baccalaureate (IB) does provide an official formula booklet for use during Economics examinations, Higher Level (HL) students are expected to master a significant range of quantitative tools, particularly for Paper 3. ib economics hl formula booklet repack
Measures the trade-off of shifting production factors. A straight-line PPC indicates constant opportunity costs, while a bowed-out PPC indicates increasing opportunity costs due to imperfect factor adaptability. Module 2: Microeconomics
Price Elasticity of Demand (PED)=%ΔQd%ΔPPrice Elasticity of Demand (PED) equals the fraction with numerator % cap delta cap Q sub d and denominator % cap delta cap P end-fraction
Opportunity Cost of Good A=Output of Good BOutput of Good AOpportunity Cost of Good A equals the fraction with numerator Output of Good B and denominator Output of Good A end-fraction [ \pi_t = \frac\textCPI t - \textCPI t-1\textCPI_t-1
Gross Domestic Product (GDP) can be measured via the expenditure approach.
Use the sheet while doing past paper questions to build familiarity with the location of each equation.
Save a digital copy for quick searching, but always keep a physical copy for last-minute revision. Some students print their repack and paste it inside their folder cover for quick access. While the concept is often visual, Paper 3
Ptariff=Pworld+tcap P sub tariff end-sub equals cap P sub world end-sub plus t
Breakdown of Total, Average, and Marginal Costs ( TCcap T cap C ATCcap A cap T cap C MCcap M cap C ) and Revenues ( TRcap T cap R ARcap A cap R MRcap M cap R Efficiencies: Formulas for Allocative Efficiency ( ) and Productive Efficiency ( Theory of the Firm (HL Only): Shutdown conditions ( ) and profit maximization ( Macroeconomics (Unit 3):